Millennium Management LLC Raises Stake in Impinj, Inc. (NASDAQ:PI)

Millennium Management LLC raised its holdings in shares of Impinj, Inc. (NASDAQ:PI - Free Report) by 10.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 70,358 shares of the company's stock after purchasing an additional 6,713 shares during the quarter. Millennium Management LLC owned 0.25% of Impinj worth $10,220,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in PI. Canada Pension Plan Investment Board bought a new stake in shares of Impinj in the fourth quarter valued at about $29,000. SBI Securities Co. Ltd. bought a new stake in shares of Impinj in the fourth quarter valued at about $33,000. Jones Financial Companies Lllp raised its holdings in shares of Impinj by 205.9% in the fourth quarter. Jones Financial Companies Lllp now owns 260 shares of the company's stock valued at $38,000 after acquiring an additional 175 shares in the last quarter. IFP Advisors Inc raised its holdings in shares of Impinj by 116.5% in the fourth quarter. IFP Advisors Inc now owns 368 shares of the company's stock valued at $53,000 after acquiring an additional 198 shares in the last quarter. Finally, Spire Wealth Management bought a new stake in shares of Impinj in the fourth quarter valued at about $87,000.

Wall Street Analyst Weigh In

PI has been the subject of several recent research reports. The Goldman Sachs Group decreased their price objective on Impinj from $200.00 to $132.00 and set a "neutral" rating for the company in a report on Thursday, February 6th. Piper Sandler decreased their price objective on Impinj from $140.00 to $100.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Cantor Fitzgerald restated an "overweight" rating and issued a $133.00 price objective on shares of Impinj in a report on Thursday, April 24th. Needham & Company LLC cut their target price on Impinj from $130.00 to $115.00 and set a "buy" rating on the stock in a research note on Thursday, April 24th. Finally, Evercore ISI lifted their target price on Impinj from $99.00 to $117.00 and gave the company an "outperform" rating in a research note on Thursday, April 24th. One research analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $155.38.

Impinj Stock Performance

PI traded up $1.01 on Thursday, hitting $115.89. The company had a trading volume of 100,960 shares, compared to its average volume of 592,813. Impinj, Inc. has a 12-month low of $60.85 and a 12-month high of $239.88. The stock has a market capitalization of $3.36 billion, a price-to-earnings ratio of 85.19 and a beta of 1.64. The stock has a fifty day moving average price of $91.81 and a 200-day moving average price of $121.20.

Impinj (NASDAQ:PI - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The company reported $0.21 earnings per share for the quarter, topping analysts' consensus estimates of $0.09 by $0.12. Impinj had a return on equity of 7.11% and a net margin of 11.15%. The business had revenue of $74.28 million for the quarter, compared to analyst estimates of $71.73 million. During the same quarter in the previous year, the firm earned $0.21 earnings per share. The company's revenue was down 3.3% on a year-over-year basis. Analysts forecast that Impinj, Inc. will post -0.47 EPS for the current fiscal year.

Impinj Company Profile

Impinj, Inc operates a cloud connectivity platform in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. Its platform wirelessly connects items and delivers data about the connected items to business and consumer applications. The company's platform comprises endpoint ICs, a miniature radios-on-a-chip that attaches to a host item and includes a number to identify the item.